Π
JUL!
DRAFT.
je Sec. to the Trea.
32921/H.Kong
Sir,
fé
2 Aug 10.
258
MINUTE.
Mr. Collins
Mr.
Mr.
Mr.
Sir G. Fiddes.
Sir H. Just.
Sir J. Anderson.
Mr. Steel-Maitland.
Mr. Bonar Law.
conson, after
ing to Sir J.
Jon.
Gov. No. 32. 2-
10874
29.7.10-
15. No. 93. 8 Apr
1024
Avv. No. 223. 16 Jums
33819
I am directed by Mr. Sec. Bonar Law to ack.
the receipt of your letter No. 15546/15
of the 16
and to transmit to you to be laid before the
L.C. of the Treas. copy of corresp. with the
Gov. of H. Kong regarding the premium on Bank
notes in that Colony.
Mr. B.L. does not consider the issue of
currency notes by the Gov. desirable in the pre-
sent
qoonditions, nor does he think that the
Banks could be required to issue notes against
dollars to the full extent of the existing
demand. The right solution is in his opinion
to allow the Banks to make further issues of
notes against securities deposited with the
C.A. He would propose therefore that in respect
of the whole of their excess issues the Banks
should only be required to deposit with the
PGOTT
of H.K. one third of the amount in dol-
lars, the remaining two thirds being covered
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